How can we build tax-free wealth? How do you handle the money that you have right now? In this episode of Incorporating Superpowers, host Justin Recla and guest Barry Brooksby talk about the tax-free way of building a legacy. Barry has worked in the wealth and finance industry for the last 21 years. He shares ways on how to preserve wealth for you and for the next generations to enjoy. Tune in and Join Justin and Barry as they discuss diversification of funds and opportunities that offer living benefits for building a tax-free wealth today.
Justin Recla:
Welcome back to Incorporating the Super Powers. We are going to take a look at what everybody is driving to do in business. It’s the elusive idea and concept of wealth. But today we’re going to look at it through the lens of wealth tax-free. And what does that mean for you? And how can you start taking advantage of some of the programs that are out there for you to start building wealth tax-free?
We know that the uber-wealthy, the top 1% of the world, use different vehicles to protect their money, to make more money, to leverage just money in and of itself. And that seems to have gotten lost on the everyday person, the nine to five, the employee. And so this is going to be a really interesting conversation because my guest today is Barry Brooksby. He’s been in the wealth and finance industry for the last 21 years. And he is offering some very unique products and services to help you build wealth tax-free. Barry, welcome to the show.
Barry Brooksby:
Thank you, Justin. Appreciate being here.
Justin Recla:
So Barry, talk to me. Building wealth is one thing, keeping it is another. The uber-rich, I know that the uber-rich have certain vehicles to be able to utilize the leverage to themselves that not only protect the wealth for themselves, but allow them to pass it on to the next generation, their kids, their grandkids, and so forth, without losing most of it in the process. The current administration just increased the death tax. And so there are all sorts of things that somebody always wants a piece of the pie. How do you help your clients protect their wealth without it getting eaten up by taxes?
Barry Brooksby:
And I’m smiling as you’re asking the question because it’s a big question. And it reminds me of what Robert Kiyosaki said in his book, Rich Dad, Poor Dad. It’s not just about the money you make. It’s about the money you keep. And that’s what I focus on is helping clients keep more money. There are tax advantage tools out there, particularly high cash value whole life insurance that allows someone to grow money tax-free. Now there is a negative connotation with whole life insurance, but when we talk about living benefits for someone and growing money tax-free, we find most of the time we’re outperforming those traditional investments of 401ks and IRAs.
And this is frankly what the wealthy have done. You talked about the uber-rich. They leave more money to the next generation than they had, and they primarily do it through businesses, but also through life insurance. Imagine paying cents on the dollar for a life insurance policy. And then upon your passing, you can leave the next generation a larger tax-free death benefit. The Rockefellers have done it. The Rothschilds have done it, names like Walt Disney and Ray Kroc of McDonald’s. They’ve all done it as well, but we do it in a very unique way, Justin, that allows people to maintain control, get guaranteed growth on their money during the process, and the everyday Joe can do this. You don’t have to be wealthy to do this.
My goal really has been putting this out to Main Street America so that everyone can take advantage of it, and in turn, leave generational wealth, but also living benefits while they’re living today and grow money guaranteed and tax-free.
Justin Recla:
I like that because of the concept of living benefits, there’s something that I don’t think a lot of people think of, let alone understand because beyond teaching people how to balance a checkbook in high school, we don’t do much for financial education in the public school system. And I think that’s just because of that unless you’d go to school and become an accountant or a finance manager or something like that in the financial industry, understanding how money works are typically lost. And so when we get back from break, I want to dive into this concept of living benefits, what that means, so our listeners can understand how they can start leveraging that for themselves. But before we go on break, where can people find more about you, Barry?
Barry Brooksby:
My company website is focuswealthgroup.com.
Justin Recla:
Fantastic. Folks, go check out Barry’s stuff and see what he’s doing. Grab a copy of his e-book while you’re there. Stay tuned. We’ll be right back.
To listen to the entire show click on the player above or go to the SuperPower Up! podcast on iTunes.
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